A successful break and close above the $185 resistance is needed for the bulls to gain momentum. The next key resistances area near the $195 and $200 levels. On the downside, an initial support is near the $176 level and the 100 hourly SMA. More importantly, yesterday’s highlighted key bullish trend line is active with support near $172 on the hourly chart of ETH/USD.
Therefore, dips towards the $175 level remains supported. If there are more downsides, the $172 level might act as a decent support. To move back into a bearish zone, the bears need to push the price below the $170 level in the near term.
Looking at the chart, Ethereum price is clearly showing a few positive signs above the $172 and $175 support levels. However, the $185 level is a strong hurdle for the bulls. If there is a clear break above the $185 resistance, the price is likely to accelerate towards the $200 level (as discussed in yesterday’s analysis).